EBSA Asks for Comments on ICR Extensions

The first ICR is for Consent to Receive Employee
Benefit Plan Disclosure Electronically. A notice in the May 24 Federal
Register explains that EBSA established a safe harbor pursuant to
which all pension and welfare benefit plans covered by Title I of the
Employee Retirement Income Security Act (ERISA) may use electronic media
to satisfy disclosure obligations only if a participant who does not
have access to the employer’s electronic information system in the
normal course of his duties, or a beneficiary or other person entitled
to documents, has affirmatively consented to receive disclosure
documents.

Prior to consenting, the participant or beneficiary must
also be provided with certain information. The ICR is scheduled to
expire on August 31, 2011.

EBSA also is requesting comment on the ICR extension for
Prohibited Transaction Class Exemption 86–128. This exemption permits
persons who serve as fiduciaries for employee benefit plans to effect or
execute securities transactions on behalf of employee benefit plans.
The exemption also allows sponsors of pooled separate accounts and other
pooled investment funds to use their affiliates to effect or execute
securities transactions for such accounts in order to recapture
brokerage commissions for the benefit of employee benefit plans whose
assets are maintained in pooled separate accounts managed by insurance
companies.

In order to insure that the exemption is not abused, that the
rights of participants and beneficiaries are protected, and that the
exemption’s conditions are being complied with, the Department has
included in the exemption five information collection requirements. The
ICR is scheduled to expire on September 30, 2011.

Finally, the notice requests comments on extending the ICR deadline for Furnishing Documents to theSecretary of Labor on Request under ERISA Section 104(a)(6). The notice explains that as a result of theTaxpayer
Relief Act of 1997 (TRA 97), the plan administrators of ERISA-covered
employee benefit plans no longer need to file copies of the summary plan
descriptions and summaries of material modifications that are publicly
available. The ICR relating to document requests is scheduled to expire
on December 31, 2011.

EBSA said it is particularly interested in comments that:

Evaluate whether the collections of information are
necessary for the proper performance of the functions of the agency,
including whether the information will have practical utility

Evaluate the accuracy of the agency’s estimate of the
collections of information, including the validity of the methodology
and assumptions used

Enhance the quality, utility, and clarity of the information to be collected

Minimize the burden of the collection of information on
those who are to respond, including through the use of appropriate
automated, electronic, mechanical, or other technological collection
techniques or other forms of information technology, e.g., by permitting
electronic submissions of responses